Joe Longo will be making access to affordable financial advice a priority when he takes charge at ASIC.
The incoming Chair of the Australian Securities & Investments Commission made his first appearance at the Senate Economics Legislation Committee this week.
And it’s clear from his response to a question from committee Chair Slade Brockman that the financial advice issue was “significant and important.”
That the official figure for the number of authorised financial advisers has officially just dipped below 20,000 to 19,922 highlights just how important.
Mr Longo - who previously worked for ASIC as head of enforcement before embarking on a career in Hong Kong and London with Deutsche Bank - said it was important for consumers and investors to participate and have confidence in financial markets.
They need to have access to advice they can afford and advice they can understand, he said.
“There’s no question that our…